Texas 2019 - 86th Regular

Texas Senate Bill SB942 Compare Versions

Version 1 (Old)

Version 2 (New)

Old	New		Differences
1		-	S.B. No. 942
	1	+	By: Johnson, et al. S.B. No. 942
	2	+	(Metcalf)
2	3
3	4
	5	+	A BILL TO BE ENTITLED
4	6		AN ACT
5	7		relating to the use of money in the state water pollution control
6	8		revolving fund.
7	9		BE IT ENACTED BY THE LEGISLATURE OF THE STATE OF TEXAS:
8	10		SECTION 1. Section 15.601(a), Water Code, is amended to
9	11		read as follows:
10	12		(a) The state water pollution control revolving fund shall
11	13		be administered by the board under this subchapter and rules
12	14		adopted by the board. The fund shall be used to provide financial
13	15		assistance [to political subdivisions for construction of
14	16		treatment works and to persons for nonpoint source pollution
15	17		control and abatement projects under Section 15.603(h),] in
16	18		accordance with the capitalization grant program established under
17	19		the Federal Water Pollution Control Act (33 U.S.C. Section 1251 et
18	20		seq.) and Section 15.603 of this code.
19	21		SECTION 2. Section 15.603(a), Water Code, is amended to
20	22		read as follows:
21	23		(a) The revolving fund is held separately from other funds
22	24		by the board outside the State Treasury to provide financial
23	25		assistance to persons for projects eligible for assistance under
24	26		the federal act, including projects eligible under Section 603(c)
25	27		of the federal act (33 U.S.C. Section 1383(c)), and to provide
26	28		linked deposits to eligible lending institutions for loans to
27	29		persons for nonpoint source pollution control projects [political
28	30		subdivisions for construction of treatment works and to persons for
29	31		estuary management projects and for nonpoint source pollution
30	32		control and abatement projects under Subsection (h)].
31	33		SECTION 3. Section 15.604(a), Water Code, is amended to
32	34		read as follows:
33	35		(a) The board may use the revolving fund for financial
34	36		assistance only as provided by the federal act:
35	37		(1) to make loans, on the conditions that:
36	38		(A) the loan is [those loans are] made at or below
37	39		market interest rates, including an interest-free loan [loans, at
38	40		terms not to exceed 20 years];
39	41		(B) principal and interest payments will begin
40	42		not later than one year after completion of the project to be
41	43		financed [any treatment works] and the loan [all loans] will be
42	44		fully amortized not later than the expiration date of the term of
43	45		the loan [20 years after completion of the treatment works];
44	46		(C) the recipient of the [a] loan will establish
45	47		a dedicated source of revenue for repayment of the loan [loans]; and
46	48		(D) the revolving fund will be credited with all
47	49		payments of principal of and interest on the loan [all loans];
48	50		(2) to buy or refinance the debt obligation of
49	51		political subdivisions at or below market rates if the debt
50	52		obligations were incurred after March 7, 1985;
51	53		(3) to guarantee or purchase insurance for political
52	54		subdivisions if the guarantee or insurance would improve access to
53	55		market credit or reduce interest rates;
54	56		(4) as a source of revenue or security for the payment
55	57		of principal and interest on bonds issued by the state if the
56	58		proceeds of the sale of those bonds will be deposited in the
57	59		revolving fund;
58	60		(5) to provide loan guarantees to similar revolving
59	61		funds established by municipalities or intermunicipal agencies;
60	62		(6) to earn interest on revolving fund accounts;
61	63		(7) for the reasonable costs of administering the
62	64		revolving fund and conducting activities provided for by Title VI
63	65		of the federal act, except that those amounts may not exceed the
64	66		amount authorized under Title VI of the federal act; and
65	67		(8) [to provide financial assistance to persons for a
66	68		nonpoint source pollution control project under Section 319 of the
67	69		federal act or for an estuary management project under Section 320
68	70		of the federal act;
69	71		[(9)] for other purposes as provided by the federal
70	72		act[; and
71	73		[(10) to provide linked deposits to eligible lending
72	74		institutions for loans to persons for nonpoint source pollution
73	75		control projects].
74	76		SECTION 4. Section 17.0821(c), Water Code, is amended to
75	77		read as follows:
76	78		(c) The board shall use the state water pollution control
77	79		revolving fund in accordance with Section 15.604(a)(4) [15.604(4)]
78	80		of this code and the Federal Water Pollution Control Act, Section
79	81		603(d)(4), as a source of revenue to be deposited in accordance with
80	82		this chapter for the payment of principal and interest on water
81	83		quality enhancement bonds issued by the state, the proceeds of
82	84		which are deposited into the state water pollution control
83	85		revolving fund.
84	86		SECTION 5. Section 15.603(i), Water Code, is repealed.
85	87		SECTION 6. This Act takes effect September 1, 2019.
86		-	______________________________ ______________________________
87		-	President of the Senate Speaker of the House
88		-	I hereby certify that S.B. No. 942 passed the Senate on
89		-	April 11, 2019, by the following vote: Yeas 31, Nays 0.
90		-	______________________________
91		-	Secretary of the Senate
92		-	I hereby certify that S.B. No. 942 passed the House on
93		-	May 17, 2019, by the following vote: Yeas 137, Nays 10, two
94		-	present not voting.
95		-	______________________________
96		-	Chief Clerk of the House
97		-	Approved:
98		-	______________________________
99		-	Date
100		-	______________________________
101		-	Governor